SpaceX shares plunge 13% as AI spending overshadows earnings beat; down over 50% from post-listing peak

SpaceX shares plunged 13% in Wednesday’s trade, falling to an intraday low of $109.21, even after the company reported better-than-expected quarterly revenue and a narrower-than-expected loss. Investors instead focused on the company’s sharply higher artificial intelligence (AI) spending plans, which overshadowed the earnings beat.

In its first earnings report since going public, SpaceX said it spent $18.4 billion on capital expenditure during the June quarter—a six-fold increase from a year earlier and well above analysts’ expectations.